Posted by Dave T on August 02, 2007 at 07:52:31:
How old is your loan? Do you have any late pays in the past 24 months?
getting rid of PMI - Posted by Pete
Posted by Pete on August 01, 2007 at 21:33:27:
I have gotten PMI off a couple of times with appraisals. I recently contacted Chase about this and they say i have to have 65% or less LTV to get it off. I have always dealt with 80% and gotten it off. Isn’t there some federal law that deals with this? My credit is good, so not sure about this. Anyone else seen this?
Re: getting rid of PMI - Posted by matx
Posted by matx on August 04, 2007 at 03:48:15:
I don’t know any lender who would get rid of PMIs at 80% LTV for an investment property (80% LTV is for OO). We got rid of PMIs with CW, WF and National City this year. They all require 70-75% LTV.
Read your Mtg doc… - Posted by JT-IN
Posted by JT-IN on August 02, 2007 at 12:55:49:
Either in the Mtg or in a Rider that covers PMI, it should be covered there, as to what are the parameters for removing PMI.
The number that sticks in my head is 78% LTV, based on a recent appraisal, and after you have had the loan for 24 months. I would imagine that each lender can set their own guideline for removal of PMI, as Mtgs are regulated by State law not Fed’l law. There are some guidelines which apply to Federally chartered lending institutions, like the Garn-St. Germain Fed’l depository ACt of 1982. I do not believe that it addressed PMI at all.
The only other thing you can do is refi the loan with a new lender to rid yourself of PMI, provided that the underlying LTV of 80% is there.
JT-IN
Re: getting rid of PMI - Posted by BigV
Posted by BigV on August 02, 2007 at 12:23:28:
I’d get 65LTV thing in writing. What’s your interest rate? You may be better off refinancing - that will get rid of the PMI if your LTV is less than 80%.